Small Minnesota bank fails, ups year tally to 73 – US credit crisis
Category Finance | Saturday, May 22nd, 2010
Minnesota bank
WASHINGTON, May 21 (Reuters) – A one-branch bank in St. Paul, Minnesota, on Friday became the 73rd U.S. bank to fail so far this year.
Pinehurst Bank, which had about $61 million in assets and 18 employees, advertised itself as having “genuine neighborhood banking.” It is just one of hundreds of small banks that are still struggling to recover from the deep credit crisis that left them saddled with large portfolios of bad loans.